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As the analysts from our Discord environment has already been discussed, financial markets are currently kept in suspense by skyrocketing inflation and gas prices.
The cryptocurrency remains relatively quiet for the time being, but we see some altcoins decouple somewhat from bitcoin (BTC) and rise sharply. The total market cap of all crypto stands at $1.04 trillion this morning and is up 2.3% today.
📈Market Overview#BTC price trades below $20K
The Top 10 are traded in the green zone: $ETH +6.2%, $SOL +4.09%, $ADA +2.7%.
Market cap: $1.05T (+1.89%) $BTC dominance: 36.12% (-1.46%)
Fear & Greed Index: 22 (Extreme Fear)Full Report👉https://t.co/TkuseYxuaG pic.twitter.com/qZIq1xLbvH
— CryptoRank Platform (@CryptoRank_io) September 6, 2022
Bitcoin Consolidates Below $20,000
The bitcoin price is struggling to recapture $20,000 in this bad macro condition. Although the price briefly peaked towards $21,000 last night, bitcoin continues to consolidate just below $20,000. The BTC price is at $19,900 at the time of writing and is 0.5% in the plus today.
As reported in this morning’s bitcoin update, and as analyst Matthew Hyland describes below, the price is currently forming a triangle pattern where the likelihood of a breakout on the downside appears to be high.
#Bitcoin consolidation getting tighter…
Will the sellers selling above $20k get exhausted first or will the buyers buying below $20k get exhausted first? pic.twitter.com/A35OEgbNVU
— Matthew Hyland (@MatthewHyland_) September 5, 2022
Yet there is still a lot of confidence among the bitcoin HODL’ers; they are still holding their BTC tight. Analysis firm Glassnode reports that the volume of BTC supply that has not moved in a year is a new all time high of 12.6 million BTC. That is no less than 65.77% of the total supply and is a very bullish sign for the long term.
The volume of #Bitcoin supply that has remained unspent for at least 1yr, has reached a new ATH of 12.589M $BTC.
This is equivalent to 65.77% of the circulating supply.
Increasing dormant supply is a characteristic of #Bitcoin bear market.
Live Chart: https://t.co/Os3WDoYD4i pic.twitter.com/3WQ6ae7dvX
— glassnode (@glassnode) September 5, 2022
Ethereum and especially ETC is rising
Despite the bad macro situation, ethereum (ETH) is on the rise again. The ether price just peaked around $1,667 and is now no less than 6.5% in the plus.
It has everything to do with the upcoming merge. Ethereum will switch from around September 15 proof of work nasty proof of stake. The ‘Bellatrix’ will follow today hard fork in preparation for the merge, founder Vitalik Buterin reports:
The merge is still expected to happen around Sep 13-15. What’s happening today is the Bellatrix hard fork, which *prepares* the chain for the merge. Still important though – make sure to update your clients!
— vitalik.eth (@VitalikButerin) September 6, 2022
Not only ether is on the rise, also the little brother ethereum classic (ETC) is currently going like a rocket. The ETC price is up 27.5% today and the price comes in at $41.
Terra Luna Classic again 70 % in the plus
Yet it is Terra Luna Classic (LUNC) that steals the show again today. The LUNC price currently stands at $0.00044 and is up 68% today. LUNC is now even 230% in the plus compared to a week ago and 375% in the plus compared to two weeks ago.
Despite this, the price is still 100% negative since the crash of May. It is therefore advisable to be very careful with these types of projects. These types of extremely volatile prices can collapse just as quickly as they rose.
#LUNC $LUNC CHARTS EXPLODING ⚡️⚡️⚡️⚡️🚀🚀👇👇 pic.twitter.com/S5ESgfEy54
— Terra luna classic 🌍 (@terrlunaclassic) September 5, 2022
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